Hottest Online News Portal

Statements Without Documents Are Useless: Tun M

PETALING JAYA: Statements without any documentary proof are useless, says Tun Dr Mahathir Mohamad Â with regard to the money borrowed by 1Malaysia Development Berhad (1MDB).

The former prime minister added that unless there is proof of all the investments and payments made by 1MDB, it had to be assumed that the borrowed money had disappeared.

In a posting on his blog chedet.cc, Dr Mahathir said besides the acquisition of power plants, government land in Kuala Lumpur and private land in Penang, no other proof has been showed in relation to 1MDBâ€™s investments.

The former prime minister also questioned the investment in Cayman Islands, claiming that 1MDB did not invest directly and that the money seems to have gone to Hong Kong companies owned by Jho Low.

â€œThen we are told by the Prime Minister that actually the fund is only recorded in Cayman Islands. The money is elsewhere, probably in Hong Kong. It is apparently invested in a hedge fund in Hong Kong,â€ he said.

â€œIs it in Singapore or has US$1bil (RM3.7bil)dollars disappeared?â€ he further asked, pointing out contradictions in replies on the moneyâ€™s whereabouts.

Dr Mahathir also questioned 1MDBâ€™s joint venture with PetroSaudi.

â€œThen PetroSaudi is said to have bought the assets of PetroSaudi International, which is not owned by PetroSaudi. The JV between 1MDB and Petro Saudi then requested 1MDB to pay US$700mil (RM2.6bil)
to settle the loan from Petro Saudi International to PetroSaudi.

â€œThe ownership of the oil fields in Argentina and Kazakhstan (or is it Turkmenistan) is not very clear, nor is the ownership of drilling ships.

â€œThen suddenly US$300mil (RM11.2bil) of the payment by 1MDB is converted to a Murabaha loan. This US$300mil (RM11.2bil) seemed to have changed hands with lightning speed. We really donâ€™t know where it is. And 1MDB will not tell us either,â€ he said.-The Star